Exclusive Saga products
At Saga, we talk to our customers regularly to find out what they want and need and then work hard to provide products that are really relevant to them. That’s why we now have two exclusive products, provided by Just, that are available only through the Saga Equity Release Advice Service. If your adviser recommends one of these products, we will also provide help with your legal fees.
1. Saga Equity Release Plan
This is a lifetime mortgage that might be recommended if you’re aged 55 or over and have a suitable UK property worth £70,000 or more. You can choose to borrow the maximum amount available as a one-off lump sum or opt for a smaller amount initially followed by additional amounts at later dates from a pre-agreed limit.
In addition, we have now improved this product to make it more flexible for you. If you are aged 80 or under at the time of application, you will also be able to choose to pay some or all of the monthly interest. By opting for this, not only will you reduce the overall cost of the loan, but you will also receive a reduction on the roll-up interest rate which will be detailed in your offer documentation. The level of reduction will depend on the amount of interest you choose to pay – the higher the percentage of interest you pay, the bigger the reduction you will receive. You will also have the
option to take a payment holiday of up to three months during any 12-month period.
2. Saga Regular Drawdown Lifetime Mortgage
This is a new type of equity release product that combines an initial tax-free lump sum payment with ongoing tax-free monthly payouts, making it a possible option if you’re looking to supplement your income in retirement.
This lifetime mortgage is available to people aged 60-80 with a UK property worth at least £150,000. It is usually repaid in the same way as a standard lifetime mortgage – from the proceeds of the sale of your property when you die or move permanently into long-term care. As interest is only charged on money as it is released, it accrues at a slower rate than a standard lifetime mortgage so there is likely to be less to repay in the future.
It's important to note that, with both these products, the loan is secured against your home and will reduce the value of your estate.
Speak to the team:
If you do have any questions about equity release or the exclusive products, you can call:
There’s no fee for the initial consultation, however, if you choose to proceed with a recommended product, an advice fee of £750 is payable on completion. It’s worth remembering that if you are a Saga Possibilities member you’ll benefit from not having to pay an advice fee upon completion.
Please refer to our Important information to find out more about the service and fees.